Blockchain News

Blockchain innovations can improve the commodity market in Africa

Blockchain innovations can improve the commodity market in Africa
Sep 30, 2018 by Rico Wise

Bruno Wu, a major investor from China and a co-chief executive of tech firm Ideanomics, stated that blockchain technologies would allow the countries of Africa to exercise a more effective trading for their minerals and other natural resources, increasing profitability by and large.

The statement was made recently, during the speech for businessmen and financiers, which took place at Africa House Collective, in New York.

Ideanomics, previously known as Seven Strats Cloud Group, is a firm that focuses its financing strategies mainly on AI and blockchain firms, investing in companies it bought and collaborated with. The tech firm utilizes the new technologies to make a breakthrough in the emerging markets. The firm is based in the United States and has recently made an announcement about a joint venture, which frees the port supply chain from third party participation.

While describing the ways Africa could take advantage of blockchain innovations, Wu stated that by making the asset production and further distribution digitized, the African countries would be put at the vanguard of the commodities market, just as it is witnessed in the mobile money market.

Wu claimed that his firm is researching the African market at the moment and expressed readiness to cooperate with such countries as Nigeria or Kenya. In Wu’s opinion, Africa can benefit from blockchain adoption, using it to assist in the process of saving funds gathered from commodity sales by the millions, which are always lost due to corruption and money laundering.

Linked pages

Related news